Use the concept of framing and the prospect theory value function to explain each of the following phenomena: (9 points)

(a) Gamblers at casino resorts sometimes spend their winnings on lavish luxuries without much concern, considering their winnings to be free money. (3 marks)

(b) A popular brand of multiple vitamins finds it advantageous to cancel plans for a slight price decrease and instead wrap the regular vitamin bottle with a small bottle labeled 25 extra vitamins free! (3 marks)

(c) A computer magazine finds it profitable to give free one-year subscriptions to young professionals interested in information technology. (3 marks)